An explanation of the Principal Sum on a Mortgage, and our available mortgage help!
The Mortgage Principal (or Principal Sum on a mortgage) is the capital sum borrowed on mortgage at the time of purchase.
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Here we take a closer look at the Mortgage Principal Sum and the mortgage help we are able to offer.
Table of Contents:
What is the Mortgage Principal / Principal Sum?
So, what exactly is the Mortgage Principal or Principal Sum you may be asking. Basically, the Mortgage Principal is the capital sum borrowed on mortgage at the time of the property purchase.
The principal does not include mortgage interest that is calculated and paid on it.
The Principal Sum and the method of mortgage payment
Below are details on how the type of mortgage payment may affect the Principal Sum.
- Where the method of mortgage payment is on a Capital Repayment basis, the principal sum will diminish over time, until the end of the mortgage term, when the principal will have been repaid.
- If on the other hand, the mortgage is based on interest only payments, the principal sum will remain unaltered throughout the term.
Can Shire Direct help me with a mortgage?
Indeed we can!
So, why not get in touch with us if you wish to discuss your requirements, of course without any obligation!
We are certain you'll find our service to be friendly, helpful and professional. However, don't just take our word for it, why not have a look at what some of our previous customers had to say about us!
Our professionally qualified advisors are available to take your call on Freephone 08000 282 281 until 10.00pm everyday (including the weekend), and will be delighted to provide you with an in-principle decision, whatever your circumstances. You may prefer to enquire online at any time instead, it's both quick and easy, and we'd love to hear from you!
Hopefully we've managed to explain the Mortgage Principal Sum and answer any initial questions you might have had. There is a wealth of mortgage information throughout this site which we believe you will find useful, so why not take a little time out to explore some of the possibilities and remember we're only ever a free telephone call or couple of mouse clicks away, and we'll be delighted to assist in any way we can!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.